Indians more willing to share personal info than others: Study

MUMBAI: Even as cases of financial fraud are dotting cyber space across the world, Indians seem more forthcoming in giving out their personal information for personalised services and simplification of finance management than their global counterparts, a study by Cisco has said.

According to the Cisco report, 72% of respondents from India said they would provide more personal information to simplify management of finances compared to 56% participants agreeing globally.

The study, conducted in early 2013, aimed at finding out how and when consumers want to engage with their banks across multiple channels for activities ranging from account monitoring to acquiring financial advice.

The survey included 1,514 consumers and 405 bank professionals across 10 countries — Brazil, Canada, China, France, Germany, India, Japan, Russia, the UK and the US.

However, Indian respondents are also concerned about security of their accounts, as 92% of them indicated they wanted fool-proof security against identity theft as part of more personalized financial services.

About 95% said they wanted advice to increase their savings, 89% requested more financial education, and 72% wanted an assessment of their financial status as compared to other clients as part of the personalized offerings.

“Technology is driving all sectors including banking and financial services. As indicated by our findings, consumers today are willing to exchange private information for more personalized services,” Cisco director (Business Development) Shashank Luthra told PTI.

However, the crucial factor here will be to offer these services in a secure environment to ensure that customer gets the best service without any of his personal data being compromised with, he added.

Recently, security breaches at two Indian payment card processing companies in a $45-million global ATM heist sent ripples through the IT security world.

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Courtesy : Times of India